Panic in China – Miners report a large number of frozen bank cards

Panic in China – Miners report a large number of frozen bank cards

According to information from 金色 财经 (Golden Finance), there is unrest in the crypto miners community. The reason is the bulk freezing of bank cards in those who mining cryptocurrencies.

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10 Jun 2020 , 17:36 @ Katie Müller

Panic in China – Miners report a large number of frozen bank cards

According to information from 金色 财经 (Golden Finance), there is unrest in the crypto miners community. The reason is the bulk freezing of bank cards in those who mining cryptocurrencies.

In this way, China regulates and fights against money laundering, and bitcoin miners are joining to the OTC traders, which are also blocked.

One of them was a Sichuan miner who claimed that his ICBC card was suddenly frozen on June 4. After contacting the relevant departments about this problem, he was told that he had to prove legality and it was not related to black money.

However, he was not the only one, and many miners and OTC traders reported a similar problem, and their cards were frozen on June 4 and 5. The main reasons are that regulators in the Sichuan region have started regulating miners and city authorities were given clear instructions to guide and stop illegal activities.

According to several sources, the Sichuan region is the world’s paradise for cryptocurrency miners, and a high percentage of the hash rate comes from this area.

Also read about the Chinese city of Yaan, as it support through the own cheap electricity the blockchain industry.

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